Morgan Stanley will expand its businesses and invest more capital in India as Prime Minister Narendra Modi’s businesslike approach to governance and development through technology makes India an exciting opportunity for investors and industry, CEO James Gorman has said.

“The clarity of action is very exciting. Decisions have been made,” Gorman, on his first trip to India in seven years, said in an exclusive interview with The Economic Times. “The foresight to recognise that you can through technology jump over various stages of development, take advantage of the fact that you don’t have legacy systems in a lot of industries. I think these are very positive.”

He refused to read the recent fall of the rupee as a reflection of poor economic management calling it an “unfortunate consequence” of external factors. “The rupee trades on account of what the dollar is doing and not on account of what the rupee is doing right now.